BRIEF: Daqo’s revenue plunges, loss widens in first quarter

The polysilicon manufacturer Daqo New Energy Corp. reported on Wednesday that its sales in the first quarter plummeted significantly, leading to an increased loss. Due to measures taken by the Chinese government to revitalize an industry facing severe overcapacity and weak prices, Daqo's first-quarter revenue was only $26.7 million, a year-on-year decrease of 78%. The sales volume of polysilicon dropped from 28,008 tons in the same period last year to 4,482 tons, with an average selling price of $5.96 per kilogram, nearly on par with production costs. The company reported a first-quarter loss of $88.4 million, widening from a loss of $71.8 million in the same period last year